Ray J lands 7-figure deal for Scoot-E-Bike company

The singer turned entrepreneur’s net worth continues to expand.

  /  01.24.2019

Days after treating himself to a lavish car shopping trip for his 38th birthday, during which he dropped $410,000 on a 2018 Mercedes-Benz Maybach and 2019 Lincoln Navigator; Ray J continues to level up.

As reported, the singer turned businessman just landed a colossal new deal. He’s selling his Scoot-E-Bike business to Canadian company LOOPShare.

According to TMZ, the business sold for a seven-figure amount. The bikes, which help limit air pollution and have a top speed of 20mph, will be available for sale in America and Canada. Ray J and his partner’s end goal is to grow the venture into a global company.

In addition to controlling close to 19 million shares, Ray J will continue to play a big role in the scooter venture and its strategy. As reported, the company will be producing three models of the scooter: a traditional sit-down model, a Vespa-style model and a stand-alone scooter.

“Let me LOOP you all in on some Big News, I’m going to take electric scooters to the next level!” he shared on Instagram. “My new investment is both a love and a passion, Loop Scooters trades publicly on the TSX-V under the Stock symbol: LOOP and USA Stock symbol: LPPPF.. Check it out!!!!”

Ray J is also focusing on growing his tech business, all while reportedly turning down several TV deals along the way. According to reports; his electronics brand, Raycon, is racking in $2 million to $3 million in sales every month. From his multiple business endeavors to his regular appearances on television, Ray J is certainly keeping busy.

Following his birthday shopping spree, the singer also decided to give back. He and RD Whittington, owner of Luxury Auto Collection, split a $165,000 price tag on a yellow 1967 Chevy Camaro and donated all of the proceeds to charity.

Per Ray’s manager, David Weintraub, the two will bring the car to the “60 Years of Miracles: Drive The Dream Gala” in February in order to continue raising awareness for Childhelp. The non-profit organization offers resources and support to children who are victims of abuse.

Sounds like Ray J is set to spend his 2019 winning in more ways than one.



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